Common use of Post-ARD Contingent Interest Clause in Contracts

Post-ARD Contingent Interest. From and after the Series 2012-1 Anticipated Repayment Date, if the Series 2012-1 Final Payment has not been made, then additional interest will accrue on the Series 2012-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 2012-1 Class A-2 Post-ARD Contingent Interest Rate”) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2012-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (ii) 5% plus (iii) 3.40% exceeds the Series 2012-1 Class A-2 Note Rate (such additional interest, the “Series 2012-1 Class A-2 Post-ARD Contingent Interest”). All computations of Series 2012-1 Class A-2 Post-ARD Contingent Interest shall be made on the basis of a 360-day year and twelve 30-day months.

Post-ARD Contingent Interest. From and after the Series 2012-1 Anticipated Repayment Date, if the Series 2012-1 Final Payment has not been made, then additional interest will accrue on the Series 2012-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 2012-1 Class A-2 Post-ARD Contingent Interest Rate”) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2012-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (ii) 5% plus (iii) 3.403.820% exceeds the Series 2012-1 Class A-2 Note Rate (such additional interest, the “Series 2012-1 Class A-2 Post-ARD Contingent Interest”). All computations of Series 2012-1 Class A-2 Post-ARD Contingent Interest shall be made on the basis of a 360-day year and twelve 30-day months.

Post-ARD Contingent Interest. From and after the Series 20122019-1 Anticipated Repayment Date, if Date of the Series 20122019-1 Final Payment Class A-2 Notes until the Series 2019-1 Class A-2 Outstanding Principal Amount has not been madepaid in full, then additional interest will accrue on the Series 2012-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 20122019-1 Class A-2 Post-ARD Contingent Interest Rate”) ), which will be equal to the greater of (Aa) 5% per annum and (Bb) a per annum rate equal to the excess, if any, by which (i) the sum of (i) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the applicable Series 20122019-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus 5% plus 1.950%, exceeds (ii) 5% plus (iii) 3.40% exceeds the Series 20122019-1 Class A-2 Note Rate (such additional interest, the “Series 20122019-1 Class A-2 Post-ARD Contingent Interest”). All computations Computations of Series 20122019-1 Class A-2 Post-ARD Contingent Interest shall be made calculated on the basis of a 360-day year and consisting of twelve 30-day months.

Post-ARD Contingent Interest. From and after the Series 20122019-1 Anticipated Repayment Date, if until the Series 2012-1 Final Payment has not been made, then additional interest will accrue on the Series 20122019-1 Class A-2 Outstanding Principal Amount at an annual has been paid in full, additional interest rate (the “Series 20122019-1 Class A-2 Quarterly Post-ARD Contingent Interest RateInterest”) shall accrue at a per annum rate (equal to the rate determined by the Servicer to be the greater of (A) 55.00% per annum and (B) a per annum rate equal to the excessamount, if any, by which (a) the sum of (ix) the yield to maturity (adjusted to a quarterly bond-equivalent basis), ) on the Series 20122019-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years ten (10) years, plus (iiy) 5% 5.00%, plus (iiiz) 3.40% 2.25%, exceeds (b) the Series 20122019-1 Class A-2 Note Rate. In addition, regular interest shall continue to accrue at the Offered Notes Rate (such additional interest, from and after the “Series 20122019-1 Class A-2 Post-ARD Contingent Interest”)Anticipated Repayment Date. All computations of Series 20122019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and of twelve 30-day months.

Post-ARD Contingent Interest. From and after the Series 20122014-1 Anticipated Repayment Date, if the Series 20122014-1 Final Payment has not been made, then additional interest will accrue on the Series 20122014-1 Class A-2 Outstanding Principal Amount Notes at an annual interest rate (the “Series 20122014-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the Servicer to be the greater of (A) 55.00% per annum and (B) a per annum rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 20122014-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (ii) 55.00% plus (iii) 3.402.150% exceeds the Series 20122014-1 Class A-2 Note Rate (such additional interest, the “Series 20122014-1 Class A-2 Quarterly Post-ARD Contingent Interest”). All computations of Series 20122014-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year and twelve 30-day months.

Post-ARD Contingent Interest. From and after the Series 20122013-1 Anticipated Repayment Date, if the Series 20122013-1 Final Payment has not been made, then additional interest will accrue on the Series 20122013-1 Class A-2 Outstanding Principal Amount at an annual interest rate (the “Series 20122013-1 Class A-2 Post-ARD Contingent Interest Rate”) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 20122013-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (ii) 5% plus (iii) 3.403.140% exceeds the Series 20122013-1 Class A-2 Note Rate (such additional interest, the “Series 20122013-1 Class A-2 Post-ARD Contingent Interest”). All computations of Series 20122013-1 Class A-2 Post-ARD Contingent Interest shall be made on the basis of a 360-day year and twelve 30-day months.